Online Payment Gateways for Small Businesses

5 Best Online Payment Gateways for Small Businesses

It’s essential to select the right online payment gateway for your business that also accommodates mobile users because most online transactions are performed through mobile devices. An important aspect to look out for when selecting an online payment gateway is security, giving your customers assurance that their details are protected is vital for your small business’s reputation and growth. Not all online payment systems operate the same and are one for all business types. This section will be covering 5 best online payment gateways that small businesses can look into when choosing the best for their businesses:

Yoco

Yoco enables businesses to receive online payments from their customers without the need for a business website. Their services are simplified so everything is seamless for both merchant and customer. You also don’t need to pay a monthly fee to make use of their services, but their card machines are reasonably priced at just R300 once off fee then it’s free to users forever, what you would only pay for is payments made to your business account from as little as 2.6% – 2.95% per transaction. The company isn’t fueled by greed because the more you earn the lesser your fees become and they never go back up.

Pros

  • No merchant bank account required
  • No monthly fee cost
  • Easy payment solutions
  • Fees reduce the more you earn
  • Diversified payment method through “Pay by link” which allows merchants to receive payments through WhatsApp, Instagram, SMS, and Email.
  • Supports international transactions
  • Compatible with WordPress, WooCommerce, Wix and Shopstar.

Cons

  • Doesn’t support integration for major e-commerce platforms such as Shopify.

For more info click here.

2. PayFast 

PayFast is suitable for your small business because you only pay when a customer makes a purchase. This saves you from having to pay monthly fees, another positive about Yoco is that there are no setup fees required for integrating their payment solutions into your business. They also provide the option to enable subscription services for your business, for monthly recurring payments for your loyal customers.

Their fees start from 3.2% plus R2.00 per transaction to perform payments through Credit and Cheque Card payments and 3.5% plus R2.00 for instant EFT. A fee of R8.70 will be charged to transfer funds from your PayFast account to your bank account, no matter the transaction amount.

Pros

  • No merchant bank account required
  • No monthly fee is required to use PayFast services
  • Only get charged for a successful purchase from your business
  • Recurring billing supported for your business
  • Integrates into 80+ existing platforms

Cons

  • Retained balance, you can’t withdraw all your funds at once

Click for more information.

3. Peach payment

Peach payment offers low charges for transactions purchases made from a debit or credit card. It only cost you a fee of 2.95% plus R1.50 per transaction and 1.5% plus R1.50 per transaction for an Instant EFT. They have no monthly fees or setup fees, their growth plan is only tailored for small businesses. If you want access to more account features then you have to purchase the enterprise plan, but this doesn’t insinuate that the growth plan doesn’t have neat features too.

Pros

  • No merchant bank account required
  • Supports international transactions
  • Supports all business types
  • Low refund transaction fees

Cons

  • No monthly subscriptions available for the growth plan
  • No mobile SDK (Software Development Kit) for growth plan

Click for more information.

undraw online transactions 02ka 1 RizeDirectory

4. Ozow

Ozow is still a relatively a new company but have established a strong brand presence in the online payment business, their services are offered to well-known established companies such as Vodacom, Dischem, Takealot, Mr. Price, and several others. They also have support for small businesses, they require no monthly or setup fees to start making use of their services for your business. They provide a reasonable fee structure, no processing fees are charged within the first 12 months if your business generates a turnover of less than R1 million. No registration is needed from customers to make payments through the service.

Pros

  • No setup or monthly fee to use their payment gateway
  • Payments processed in real-time
  • No merchant bank account required
  • Email support

Cons

  • No phone support for small businesses

Click for more information.

5. SnapScan

SnapScan enables users to make use of their platform to perform transactions whether online or in person, this company aims at providing a convenient experience for both merchant and customer. The fees are also accommodating, from charging as low as 3% (excluding VAT) per transaction and the upside is that this fee reduces the more you earn to as low as 2.6% when your business generates an income of R80 000 per month and more.

Pros

  • Fees start from 3% and go low to 2.6% when you earn R80 000 per month
  • Various forms of transactions supported (pay links, QR codes, in App payment options)
  • Fully supports mobile devices
  • Convenient online shopping experience, no need to fill in card details on multiple websites to make transactions

Cons

  • Recurring payments not supported
  • Services only available through the mobile app

All these online payment gateways are great for small businesses as they also prevent fraudulent activities and are secured payment platforms so that your customers do not feel like their data is at risk for malicious purposes. It’s all about choosing the preferred payment method that would support your business, whether you have a business website or not safe online transactions are a reality for all small businesses.

Click for more information.


Read More: Benefits of Online Business Directories for small businesses

Share this article:
Previous Post: Benefits of Online Business Directories for small businesses

February 4, 2022 - In Uncategorized

Next Post: 5 Reasons Why Business Directories are Valuable to any Business?

September 27, 2022 - In Uncategorized

Leave a Reply

Your email address will not be published.